Apple Reaches $600B Market Cap

Apple shares hit yet another high on Tuesday, as the iPhone maker's market cap surpassed $600 billion for the first time.

CUPERTINO, Calif. ( TheStreet) -- Apple ( AAPL) continued its rise on Tuesday, hitting yet another new all-time high as the iPhone maker's market cap crested above $600 billion for the first time.

The tech giant's stock struck a new peak of $644 shortly after market open, before retreating slightly to $642.23 and a market cap of $598.8 billion. CNBCreports that Apple's market cap reached a $600 billion market cap when its stock hit $643.53.

Tim Cook, Apple's CEO

Apple shrugged off a rare analyst downgrade on Monday to hit an all-time high, which it exceeded on Tuesday.

The tech giant's stock has risen more than 58% this year, easily outpacing the Nasdaq's gain of 16.65%.

The Cupertino, Calif.-based firm is expected to release its fiscal second-quarter results on April 24.